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The three key factors influencing the UK property market

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The outlook for the housing market is still taking shape, but here I take a look at three market indicators to watch. From buyer sentiment to Bank of England forecasts, higher loan-to-value [LTV] mortgages and first-time buyers, here is how these key factors will influence the market: Mover intent Some 60% of prospective home movers say they intend to continue with their plans despite the impact of Covid-19, according to a recent Zoopla survey. Some 22% said they were not affected by the pandemic, while the remainder said they had felt the impact, but wanted to continue with their next move regardless. The extent to which buyers and sellers continue with their plans will also determine how many of the 373,000 sales stalled due to lockdown will go on to complete, and this will affect the level of total transactions this year. After 50 days of market suspension, buyer demand in England after the housing market opened on 13 May rose by 88% in a week, suggesting that there will be a flurry of activity for some time. In Wales, Scotland and Northern Ireland, demand continues to build, and it can be expected that there will be similar spikes in…Read More

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Property Auction

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A parcel of land recently sold under the hammer for just £51, showing that ‘no reserve’ rules mean buyers can pick up bargain lots if they do their research. The land, situated in Reigate, Surrey, was purchased as part of Network Auctions’ latest online sale, which took place on May 21. It comprises 0.62 acres of highway, paths, verges and part of a roundabout in the popular residential area. The auctioneer provided a note of caution to prospective investors, informing them that the lot included land that is ‘publicly adopted’. The buyer will now have to make their own enquiries about what they can do with their new acquisition, but they clearly think it has potential. Another standout lot from the sale was a three-bedroom house in Bradford, which sold for £68,750 off a guide price of £40,000-£50,000. The property, which Network Auctions says attracted a lot of early interest, was subject to a whopping 81 online bids before the virtual gavel finally came down. Tony Limbrick, auctioneer at Network Auctions, describes the house on Fagley Road as ‘habitable’ but ‘dated’ and in need of ‘refurbishment’. “It was a property that hadn’t been touched for years. We had strong pre-auction…Read More

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Ticking Time Bomb

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Mayor of London Sadiq Khan has warned that many of London’s private renters are facing imminent homelessness, unless the government acts to properly protect them from eviction. In March the government announced the suspension of evictions for three months to stop renters losing their homes during the crisis. Despite this, some landlords have still issued eviction notices during the pandemic. It’s expected that there will be a sharp increase in the number of households being made homeless when court proceedings resume on 25 June. Sadiq Khan said: “Many renters are just one pay cheque away from homelessness. It’s completely unacceptable that London renters should be facing a ticking timebomb where they could lose their home. “The government took the required urgent action at the end of March to suspend eviction proceedings for 90 days but has then wasted the window of opportunity this presented to shore up protections for private renters. “Suggestions that landlords and their tenants agree ‘affordable repayment plans’ between themselves is totally unfair, and unrealistic in many cases. “Ministers still have an opportunity to steer us away from this cliff edge and avoid inflicting needless suffering on renters across the country, but they must act now. “This…Read More

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The Big Issues

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https://www.estateagenttoday.co.uk/features/the-big-issues/

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THE ONLINE AGENCY

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  Purplebricks shares sink and Emoov dies: game over for online agencies? Has the bell finally tolled for online agencies? Emoov’s collapse and an investor revolt over crowdfunding have left a large question mark over the long-term viability…

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INNIT TO WIN IT

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Family raffle £3m home after series of fall-throughs on open market A family is raffling a £3m home on the Hampshire/Dorset border after a series of sales fell through. Mark and Sharon Beresford have spent 12 years in…

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